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Hong Kong Sees
'Benign Effect'
Of Weak Dollar

By

Nisha Gopalan and

John RyanDow Jones Newswires

Updated Jan. 19, 2004 6:29 p.m. ET

HONG KONG -- Hong Kong Monetary Authority Chief Executive Joseph Yam welcomed the U.S. dollar's recent weakness against the local currency, saying it has the "benign effect" of moderating the pain of structural adjustment in Hong Kong.

The HKMA was earning "assured profit" every time a bank came to it seeking Hong Kong dollars, the official said.